Brief Intro About Economics Competitive Exams in India Part I
- There are multiple competitive exams surrounding economics in India.
- These include IES, RBI Grade B DEPR, RBI Grade B General, UPSC Economics Optional, IIT JAM, etc.
There’s a list of various competitive exams related to economics in India. Here’s a guide explaining these exams and how to crack them. Different organisations like the Union Public Service Commission (UPSC), National Testing Agency (NTA), Reserve Bank of India (RBI), and more conduct various competitive exams related to economics.
Some of the significant Economics competitive exams are the Indian Economic Service (IES), RBI Grade B DEPR, RBI Grade B General, UPSC CSE Economics Optional, IIT JAM, CUET PG Economics, UGC NET, GATE Economics, PGT Economics, MP SET, MPPSC Assistant Professor, SEBI Grade A Research stream, NABARD etc. All are designed to select candidates for various posts and profiles. Are you ready? Do you know which exam is the one for you? How do you crack these examinations?
The Indian Economic Service Examination
The Union Public Service Commission (UPSC) conducts the Indian Economic Service Examination (IES) to select candidates for crucial economic and policy-related positions under the Government of India. IES is an all-India open competitive examination held annually. The vacancies depend upon various government requirements, and post graduates with an Economics background are eligible for the IES examination.
Candidates appearing for the Indian Economic Service (IES) examination must be citizens of India; other details are available on the official website. The age limit is between 21 and 30 years, with relaxation for reserved categories, and A candidate must possess a Postgraduate Degree in Economics or Applied Economics or Econometrics or Business Economics from a recognized University.
The written examination is worth 1000 marks spanning across six subjects, General English is worth 100 Marks, General Studies worth 100 marks, and General economics is divided into three parts. While the final interview is worth 200 marks and the exam duration for each subject is 3 hours.
Aspirants preparing for the Indian Economic Service examination are advised to start preparation at least one year in advance. Gain a deep understanding of core economics concepts and know the syllabus inside out. Develop a habit of solving Previous Year’s Question Papers, taking mock tests, and staying updated with current affairs. Ecoholics can be your guide and mentor in cracking the Indian Economic Service Examination.
Reserve Bank of India Grade B DEPR
To become an RBI Officer, appear for the Reserve Bank of India Grade B Department of Economics & Policy Research (DEPR) examination. After selection, the candidates will contribute towards policy formulation and research. The RBI Grade B DEPR is conducted annually by the Reserve Bank of India.
The job profile for the RBI Grade B DEPR includes analysts and officers in the DEPR department. Graduates with an Economic background are eligible to apply for a challenging yet rewarding career with an attractive salary and benefits.
Candidates appearing for the examination must be Indian citizens. However, details regarding this are available on the official website. The age limit for RBI Grade B DEPR is between 21 and 30 years, with age relaxation for reserved category candidates. They must have completed post graduation in Economics, Econometrics, Quantitative Economics, Mathematical Economics, Integrated Economics Course, Finance or PGDM/MBA Finance etc, with a minimum of 55% marks. The exam does not require any work experience, but it is desirable.
The RBI Grade B DEPR examination has three phases. Phase I has two papers, Paper I – Economics (Objective), Paper II, English (Descriptive). Phase II also has two papers, Paper I & Paper II both covering Economics (Descriptive). Each of these papers is worth 100 marks, and duration is 2 hours. While Phase III is the Personality Test or Personal Interview.
Mastering the basic economic concepts provides an added advantage. Regularly solve previous year’s question papers and take mock tests highlighting your strengths and weaknesses. Staying updated with current affairs is advised. Work on your answer writing skills and time management skills for optimal success. Ecoholics can be your trusted partner in cracking the RBI Grade B DEPR examination.
Reserve Bank of India Grade B General
The Reserve Bank of India Grade B General examination offers an exciting opportunity to work for the RBI as an Officer in various departments. The Reserve Bank of India conducts the annual examination for Graduates with multiple backgrounds. The job profile is for officers across RBI departments, providing attractive salaries and benefits.
The aspiring RBI Grade B general candidates must be Indian citizens; more details are available on the official website. The age limit is between 21 and 30 years, plus they must have a bachelor’s degree in any discipline with a minimum of 55% marks. Interestingly, this examination does not ask for any prior work experience.
The examination is conducted in three phases. Paper I covers Economics and Social Issues , where its 50% objectives, worth 50 marks & duration of 30 minutes and 50% descriptive with 50 marks and 90 Minutes. Paper II covers English which is descriptive worth 100 marks and duration of 90 Minutes. While Paper III is Finance and Management, which is 50% Objective and 50% Descriptive worth 50 marks each. Competitive Exams
General awareness covers current affairs, economic and banking news, RBI policies, and historical and geographical knowledge. English covers comprehension, grammar, vocabulary, precise writing and essay writing. Quantitative aptitude covers data interpretation, arithmetic ability, logical reasoning, & problem-solving. Reasoning ability covers puzzles, coding-decoding, syllogism and analytical reasoning.
ESI covers economics concepts, social issues, government policies, and international relations. FM covers financial markets, banking operations, risk management and corporate finance. English is similar to phase I, emphasising analytical and critical thinking. The detailed syllabus is available on the official website. Competitive Exams
Regularly solving mock tests and analysing previous year’s question papers helps in understanding the exam pattern and difficulty level. They are also advised to practise effective time management during the exam and preparation. Ecoholics can be your trusted partner in cracking the RBI Grade B General examination on your next attempt.
UPSC CSE Economics Optional Competitive Exams
The Union Service Service Commission Civil Service Examination Economics Optional is a popular choice for candidates with an economic background. Economics is among the numerous optional subjects with a weightage of 250 marks for two papers, a total of 500 marks and a duration of 3 hours each.
Aspiring candidates must have a bachelor’s degree in any discipline, but it would be beneficial to have a degree in economics. UPSC Economics Optional covers two papers, both of which are paper-pen-based. Each paper has two sections. Section A contains five compulsory questions with 50 marks each, and in Section B, candidates can choose any three from a pool of 8 questions, carrying 25 marks each.
The vast and comprehensive syllabus covers core concepts of microeconomics, macroeconomics, international economics, public finance, the Indian economy, econometrics, and current economic issues. The detailed syllabus can be seen on the official website.
Aspirants are advised to have at least one year of dedicated preparation. They should first master the basic concepts before moving on to advanced topics. Candidates can study from textbooks, coaching materials, online resources, and previous year’s question papers. Ecoholics provides comprehensive guidance in scoring high marks in UPSC CSE Economics Optional.
Indian Institute of Technology Joint Admission Test Economics Competitive Exams
If you are an economics student wanting to pursue higher studies at one of the IITs, then IIT JAM Economics is for you. Every year, the Indian Institute of Technology conducts the IIT JAM Economics exams on a rotational basis for admissions to postgraduate programs in economics.
The examination is usually conducted in February annually by the Indian Institute of Technology on a rotational basis. For the year 2024, the conducting authority is IIT Madras. Candidates with an Economics background can appear for the exam and procure admission to an M.Sc. in Economics at various IITs.
Candidates must be Indian citizens within the age bracket of 21 to 30 years and have a Bachelor’s degree in Economics or another allied discipline with a minimum of 50% marks, or 45% for reserved categories. The relaxation in age limit, marks and nationality can be seen on the official website.
The examination duration is three hours, and the mode of examination is offline, pen-paper-based. Section A contains 30 multiple choice questions (MCQs) carrying ten marks each, ten questions of 1 mark each and 20 questions of 2 marks each. Section B contains 10 Multiple Select Questions (MSQs) carrying five marks each. Section C contains 20 numerical answer type (NAT) questions carrying four marks each. The total of marks is 100.
The vast and comprehensive syllabus covers core concepts of microeconomics, macroeconomics, econometrics, mathematical methods for economics, statistics for economics and data analysis. The detailed syllabus can be viewed from the official website.
Aspiring candidates are advised to have at least 6-8 months of dedicated preparation. They must master the core concepts before moving to the advanced topics. Candidates can refer to textbooks, coaching materials, online resources, and previous year’s question papers for optimal practice.
Staying updated on current economic affairs, practising time management, going through multiple full-length mock tests and practising writing answers within stipulated time limits dramatically helps. Ecoholics can be your trusted guide in clearing IIT JAM Economics in your next attempt.
Economics students have multiple opportunities through these competitive examinations, and they can clear them for exciting careers and gain higher education in their respective courses. Economics provides the knowledge of how money works and can be a base for success in multiple examinations.
